Calpine Will Reject Some Contracts

Law360 (November 21, 2007, 12:00 AM EST) -- Bankrupt energy company Calpine Corp. has decided to tear up a handful of unexpired leases and contracts, including several steam and water sales deals, after determining that ending the agreements would be in the best interest of the company's reorganization.

Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York approved Calpine's motion to toss the contracts in December 2005. And the company determined on Nov. 20 that ending the deals would benefit the company and filed a formal motion...